MONTRÉAL, Feb. 22, 2018 (GLOBE NEWSWIRE) — Sphinx Resources Ltd. (“Sphinx” or the “Corporation”) (TSX VENTURE:SFX) and its partner SOQUEM are pleased to announce the initial results of their recently completed diamond drilling program on the Calumet-Sud zinc project (the “Project”) in Quebec. Hole CS-18-06 returned 9.0% zinc over 1 m within a stratiform and shallow-dipping mineralized horizon that graded 3.1% zinc over a 6.4 m length beginning at a depth of 15.6 metres. Based on outcrop measurements of mineralization and drill hole orientation, the true thickness is estimated at 100% of the drilled length.
This hole is located on the Sonny Zone where all eight (8) holes drilled during this program intersected the sub-horizontal zinc-bearing horizon. The horizon is known to date over a surface area 113 m long by 60 m wide (see press release of February 6, 2018 and Figure 1 attached). The Corporation considers that these results are very encouraging. Assays are pending for the remaining ten (10) holes.
The zinc-bearing horizon is defined by the presence of massive sphalerite bands ranging from one centimetre to several centimetres in thickness, as well as disseminated sphalerite, pyrite and pyrrhotite, all hosted in dolomitic marble. All of the drill holes confirm that mineralization is metamorphosed SEDEX-type (SEDimentary EXhalative, more than half of the world’s zinc and lead production is from mines producing from of this type of deposit). Beyond the area of this drilling, the horizons can be traced over a 1.5 km strike length on the basis of strongly anomalous zinc values in soils and limited drilling conducted by Sphinx and SOQUEM in 2017 (see press releases dated July 13, 2017, February 22, 2017 and December 20, 2016).
This campaign follows the discovery of new and extensive zinc mineralization on surface during the stripping program on the Sonny and Sonny West zones of the Project (see press release of November 22, 2017). The program was aimed to identify the continuation of the zinc mineralized horizons at the periphery of the stripped areas and assist in the design of future drill programs.
The discovery area is located 2 km from the historic New Calumet Mines Limited zinc-lead-silver-gold mine, which produced 3.8 million tonnes of ore at a grade of 5.8% zinc, 1.6% lead, 65 g/t silver et 0.4 g/t gold from 1944 to 1968 (reference: Annual report New Calumet Mines Limited, 1968). The Project is part of the larger “Ziac” zinc district. This emerging zinc play is a 40-km long northwest trending corridor defined by zinc and lead-bearing dolomitic marbles (see press release of August 8, 2017). These rocks are typical of the Balmat-Edwards-Pierrepont zinc district, located in the state of New York, United States.
Samples were analyzed by ALS in Val d’Or, Quebec. The analytical process consisted of crushing, splitting and assaying using sodium peroxide digest finish with ICP AES finish. Sphinx applies industry-standard QA/QC procedures to the program.
The drilling program was managed by Sphinx under the supervision of Normand Champigny and under the field direction of Michel Gauthier, Ph.D. (géo, and Board member of the Corporation) and, who are Qualified Persons under National Instrument 43-101. This press release was prepared by Normand Champigny, Qualified Person for Sphinx.
SOQUEM, a subsidiary of Ressources Québec, is a leading player in mineral exploration in Québec. Its mission is to explore, discover and develop mining properties in Québec. SOQUEM has participated in more than 350 exploration projects and contributed to major discoveries of gold, diamonds, lithium and other minerals.
About Québec and Sphinx
Quebec has established itself as one of the world’s most attractive mining jurisdictions, ranking 6th globally (Fraser Institute press release, February 28 2017). The Quebec government has created market confidence by following a proactive approach to mining policy. Quebec’s mining sector has also been encouraged by the clarity and certainty of the legal and regulatory framework adopted by its government. Sphinx is engaged in the generation and acquisition of exploration projects in Québec.
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This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results and activities to vary materially from targeted results and planning. Such risks and uncertainties include those described in Sphinx’s periodic reports including the annual report or in the filings made by Sphinx from time to time with securities regulatory authorities.